If you have a buyer or a seller in an area that you can’t service and you want to refer out that piece of business to another broker that you found online or you’ve gotten a referral from somebody else. This is the form that you use and this is whether it’s for a buyer or a seller or tenant or whatever.
At the very beginning, you could check the first box and put in a flat fee or you could put check the next box percentage of the listing firm commission.
Next, one down the percentage of the selling firm commission or percentage of the sales price any of those are options that you can use then depending on whatever you negotiate out with the other broker and the referring firm that is the person filling out this form and typically sending it to the other firm known as the destination firm. They’re the ones getting the referral, so the referring firm is sending out the piece of business to another brokerage, and that brokerage is known as the destination firm.
Then the broker name, that is the name of the individual broker who is referring out the business, then the address of the brokerage, the phone number for the referring firm fax number and email. Destination firm, broker name, the handling transaction office, address, phone number for that broker along with fax, and email for that broker’s name.
- Prospect information and this is the information that’s kind of critical but this is going to determine whether it’s a buyer’s transaction, a seller’s transaction is what the name is of either the buyer or the seller or the name of the address of the home to be listed
Fill out as much of this information. as is relevant checking the seller or the buyer boxes at the beginning or other, maybe it’s a tenant situation you’re referring out a lease situation something along those lines. So and then down at the end, you’ve got a fair amount of room there to fill out additional comments so if you need to specify something in this agreement that’s where you would do it.
Scrolling down, terms of referral, the destination firm shall pay to the referring firm the referral fee if any within blank and the default. Destination firm is paid a commission as a result of the services it provides to the prospect and so those are basically just the terms in general along with the timeframe here and then you go ahead and have the referring firm signed it, the destination firm signed it, and then you’ve got a referral agreement in place.
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